Sell or not to sell endownment

vickijh32

Hi all, I have a Homeplan Standard Life endownment which is underachieving. We have arranged a repayment mortgage for when we move house (hopefully completion will be 20th October) therefore we will no longer need the endownment but we would like to sell it if possible to pay a lump sum of our new mortgage. It's a 25 year plan. Monthly premiums £72.38. Current Surrender Value £11,551.17. Target amount £51000. I really don't have a clue about this but I really don't think it's going to benefit us by keeping it what do you reckon?
Sorry forgot to say we took out the plan in Sept 1994, due to mature in 2019

EdInvestor

Try here for a sale quote:

https://www.apmm.org

Let us know how you get on.

blondie21

EdInvestor wrote:

Try here for a sale quote:

https://www.apmm.org

Let us know how you get on.

I have tried the above in the past and they offered me the highest price for my endowment to buy.worth a try

vickijh32

EdInvestor wrote:

Try here for a sale quote:

https://www.apmm.org

Let us know how you get on.

I submitted an application to these yesterday but I'm now thinking that I haven't put the right figures in the right place if you get my drift. :eek:
I wasn't sure what it meant by Total Reversionary/Current Bonuses Attached to Policy.
Not sure I put the right figure here either "With-Profits" Basic Sum Assured"
Please help, I can feel another blonde moment comming on

candygirl

I've just filled a form in too and am worried about the same thing.i'm gonna wait and see what they say when they ring, they can explain it to me then i hope!!

EdInvestor

It's probable these policies are "unitised With profit" endowments, which you can't sell.

Vicky:

If you surrendered your policy and put it on deposit@ 4% also paying in the premiums to maturity you should end up with 33,908. Compare this with the forecast maturity value for the company.Bear in mind the policy includes free life cover which you might need to replace.

vickijh32

Hi EdInvestor many thanks for your reply how would I find out whether my plan is "unitised With profit" endowment? (told you I'm not very good with these kind of things :rotfl: )
I'm even more confused. The plan summary says the cost of life cover is £48.72 which I find quite expensive I could have got it much cheaper than that.
I'll see if APMM phone me back and see what they say, if I can't sell it, I will more than likely surrender it as I really want to reduce my mortgage.

xtratime

sorry to jump in on your thread but I am in a similar position having an old style with profits (25yr) and a unitised plan (22yr) both due in 2015 which i,m not sure whether to sell, cancel on hold on to. This may seem a silly question but if a deposit account is giving a better return on these, why does anyone want to buy them?

EdInvestor

This may seem a silly question but if a deposit account is giving a better return on these, why does anyone want to buy them?

They don't want to buy in many cases. But you may as well find out for yourself whether you have one of the better ones, as each policy is different, and even in the same company, some will be more desirable than others.

caleb2003

My L & G policy is a Managed unit linked policy and APMM don't have any members that buy them.

Anyone know of any companies that may buy this type?

Many thanks

EdInvestor

No.You will have to surrender back to the company.